Lagos – Mr Yinka Ogundimu, the Chairman, Lagos State House of Assembly Committee on Finance, has commended Gov. Akinwunmi Ambode for raising internally generated revenue above N100 billion in the first quarter of 2016.
Ogundimu, (APC- Agege II), gave the commendation while addressing newsmen in Lagos on Tuesday.
He said that the governor had also been able to block all financial leakages and brought more people into the state’s tax net.
He said that the governor, an accountant and a financial expert, had brought his experience to bear on state’s revenue since he was sworn in as governor of the state.
“The governor is a former accountant-general of the state; his plan is to make sure that everything works well.
“The operation of the Lagos Inland Revenue Service is better now as it is being handled by a tax consultant who was at the state tax office.
“The governor has blocked many leakages and he has been able to discover many others.
‘’This is coupled with effective supervision by the Lagos State House of Assembly; all these have helped the system,” he said.
The lawmaker said that infrastructure in the state had been over stretched due to population pressure and that much money was needed to fix them.
The News Agency of Nigeria (NAN) recalls that the state government said it generated total revenue of N101.69 billion in the first quarter of 2016 against the N67.21 billion in first quarter of 2015.
Commenting on the allegation that the state engaged in double taxation, the lawmaker said that the level of awareness on tax was higher now.
Ogundimu, however, explained that the taxable revenue of the state was well stated and clear.
On Ambode’s declaration that Lagos was now an oil producing state, he said, “this ought to have come up 10 years, but it is good that we also can get derivation fund from the Federal Government”.
“There are lots of things that will come with this; there are other things like gas that could be got from the process of refining which would be useful for our industries.
“Also, the gas could be used for electricity and be given to plants like the Egbin Power Station, and that would stablise electricity in the state.”
Ogundimu, however, said that these developments would have their own environmental hazards.
He said that the state had prepared for this development by creating the Ministry of Energy.
On removal of subsidy on petrol, the lawmaker said that the removal would pay in the long run and usher in competition in the oil sector. (NAN)